Metaplanet Inc., Japan’s largest corporate Bitcoin holder, announced on November 2 that it has fully repaid its 20th series of ordinary bonds early. The Tokyo-listed digital asset investment company used cash on hand to settle the entire ¥8 billion principal owed to EVO FUND. The zero-interest bonds had been scheduled to mature on April 23, 2027.

The early repayment frees an equivalent sum previously earmarked for debt service. Metaplanet has reallocated that amount to its Bitcoin purchase program under the 27th series of stock acquisition rights.

Bitcoin Allocation Increased

Under the revised plan, the budget for Bitcoin purchases rises from ¥25.422 billion to ¥33.422 billion. Funding designated for the company’s Bitcoin income generation business stays unchanged at ¥3.714 billion. The combined planned allocation totals approximately ¥37.1 billion and covers the period from April 2026 through April 2028.

Converted at prevailing rates near the time of the announcement, the expanded Bitcoin purchase line equates to roughly $212 million. The ¥8 billion redirected portion is about $51 million. Metaplanet currently holds approximately 44,000 Bitcoin, acquired at an average cost near $99,000 per coin, while the market price stood closer to $78,000 on November 2.

The company confirmed that none of the 27th series stock acquisition rights were exercised in October. A total of 947,300 rights, corresponding to 94.73 million shares, remained outstanding at month-end. The higher Bitcoin budget depends on future proceeds from these rights and does not represent cash already spent.

Share Buyback Progress

Alongside the bond action, Metaplanet has advanced a substantial share repurchase program. On October 13 the board authorized buybacks of up to ¥60 billion, or as many as 200 million shares, running through October 2027. That ceiling equates to roughly $380 million.

Between October 14 and October 31 the company spent ¥25.27 billion, about $160 million, to repurchase 96.4 million shares. This activity accounts for 42 percent of the approved capacity. On the first day of the program alone, Metaplanet acquired nearly 74 million shares for ¥19.31 billion at ¥261 per share.

Broader Capital Strategy

Chief Executive Officer Simon Gerovich has described a wider deleveraging approach that pairs bond repayments with share buybacks. Separately, Metaplanet is raising approximately ¥52 billion through zero-coupon convertible bonds that mature in October 2031. Proceeds from those instruments will be used to repay Bitcoin-backed loans and to support further buybacks; they will not be directed toward additional Bitcoin purchases.

Shares of Metaplanet, traded under the ticker MTPLF, declined nearly 10 percent following the November 2 disclosures. The company continues to monitor an upcoming MSCI decision scheduled for November 11 concerning possible removal from certain global equity benchmarks.

Metaplanet remains focused on expanding its Bitcoin holdings while managing leverage through a mix of equity-linked financing, early debt retirement, and share repurchases.